Traders Corner   24 comments

The S&P 500 levels to watch today:

UPSIDE: 1925 (June 2nd’s high and the all-time high), and 1927 (top of the Bollinger Bands).
LAST CLOSE: 1924 (May’s high).
DOWNSIDE: 1920 (May 29th’s high), 1916 (May 30th’s low), 1914 (May 28th’s high), 1912 (May 27th’s high), 1907 (May 28th’s low), 1897 (April’s high), 1892 (20 day moving average), 1883 (March’s high), 1875 (50 day moving average), 1867 (February’s high), 1859 (May’s low), 1857 (bottom of the Bollinger Bands), and 1853 (100 day moving average).

S&P 500 Daily Momentum: Bullish
S&P 500 Daily Overbought/oversold: Neutral (leaning overbought)
S&P 500 Weekly Momentum: Bullish
S&P 500 Weekly Overbought/oversold: Neutral (leaning overbought)
S&P 500 Futures (June): Negative
Overall: While the S&P 500 technicals don’t look a lot different after yesterday, the futures have taken a decidedly negative turn. At least for today’s open, we’re going down.

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24 responses to “Traders Corner

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  1. Bought back GTAT July 16C for 1.45 this morning(sold for an avg price of .75 I think). I had previously sold July 17 for 1.30 as I wanted the additional upside.

    Also sold my SWHC for 16.50 that I bought back in September 2012 for $10. Still like the stock, but it was time to part ways as it’s had a nice run for me.

  2. bought back gtat at 15.55

  3. The lawyers are at it again, this time with PSEC. They say that their lawsuits are for the investors, but in reality what they do is tank the price so the investors lose.
    http://investing.quicken.com/public/view_headline.asp?symbol=PSEC&documentKey=600-201406031032BIZWIRE_USPRX____BW6375-1

    • Chris – while I think the lawyers in this instance are vultures, they are reacting to the price drop in early May, i do not believe they are causing the drop.

      • I’m talking about the drop today after the announcement that they are filing. Down about 3%. And yes all they are is vultures looking at trying to grab some money from any situation they can.

    • The sharks…err, I mean law firms…started circling back on May 15th. I bought the stock after that, and I will happily buy more if the stock tanks more. The cheaper it gets, the more I can buy…

  4. Any thoughts on MRO, Barrons had bullish piece on them.

    • Bobb,
      It’s a good company, but the stock looks fairly priced right now. I can’t speak to how good or bad it is for them to be selling their Norway operations, but the market seems positive on it. Regardless, I don’t see a lot of upside on this stock.

  5. Looks like GTAT will trade between 14.50-15.00 and 17.00-17.50. Along with the rest of market, it continues to trade flat.Covered calls continue to be the best way to make money with this one.

    • Trader – if you are right about GTAT, seems you buy between 14.50 and $15 and sell above $17. Do that enough times and we can all have a luau at my Hawaiian beachfront property.

    • Trader, I looked at GTAT Monday and decided to wait and double my position in sco. I doubled my position today in sco.

  6. I just sold my TBT that I bought yesterday for a 2% gain. It was an outsized position with a leveraged ETF, so I am always nervous and decided to take a solid one day profit. I still think rates are biased to go up.

  7. Interesting company to watch right now is idcc. This is an intellectual property firm. They just got a large settlement from samsung today and popped quite a bit. I suspect they still have significant upside, if I had been more engaged in market today, I would have bought some shares.

  8. I did buy some idcc ah at 45.35.

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